Pioneer of the Extended-stay Category, Reinventing
Itself with the “Gen7” Suite
|July 13, 2005 - The first Residence Inn opened in Wichita, KS and today
there are 475 properties in North America, making it the category leader.
Residence Inn expects to add 30 hotels to its system this year and is on
track to add 25 to 30 hotels each year from 2006 to 2008. In
addition, the brand has refreshed 95 of its oldest properties so far and
plans to complete 30 more by 2006, year end.
Marriott International’s (NYSE:MAR) Residence Inn brand, which pioneered
the extended-stay category, today announced its “Gen7” suite, a new design
that will re-define extended-stay lodging. A bold statement in 21st
century residential style, the new suite showcases contemporary decor and
finishes that reflect the comforts and luxuries of a modern American home.
Commanding a 30 percent REVPAR premium over the competition, Residence Inn by Marriott has dominated the extended-stay category for 30 years by reinventing itself as customer needs have changed and today remains one of the lodging industry’s most powerful brands with $1.7 billion in sales. Residence Inn also leads the segment with a 19 percent occupancy premium and a 10 percent rate premium over the competition. Representing the new urban emphasis of the brand, later this year, the 500th Residence Inn will open in the heart of Manhattan -- a 43-story mixed-use development on Avenue of the Americas overlooking Bryant Park.
Laura Bates, senior vice president, extended-stay brand management, Marriott International, said, “Gen7 will re-define the extended-stay experience and we’re delighted to report that the response from our guests, owners and franchisees has been overwhelmingly positive.”
Extended-stay guests who evaluated the new design gave it high marks for being stylish, sophisticated, distinctive and innovative. The suite was rated “good” or “excellent” by 98 percent of guests, who also indicated they would be willing, on average, to pay 16 percent more for the experience.
The new Gen7 suite features “zones” to meet the living needs of the
extended-stay guest – cooking, dining, working, relaxing and sleeping.
Incorporating elements of a modern residence, the room features stainless
steel appliances and granite countertops in the kitchen; upgraded bedding
that is softer and more luxurious; a comfortable and multi-functional living
area, with recliner and ottoman, and a striking red chaise lounge that
converts into a bed.
Gen7 Sleeping Area
“We invested in our portfolio of more than 25 Residence Inns because it defines and sets the standards of the extended-stay category -- no other brand comes close,” said Bruce White, chairman and CEO of White Lodging Services, a major Residence Inn franchisor. “Now with their newly designed room, we can deliver an even more superior guest experience that will enable us to attract new customers and grow market share.”
“Residence Inn is one of Marriott’s strongest performing brands with tremendous growth potential,” added Bates. “Extended-stay product represents just 8 percent of the lodging market, while customer demand is upwards of 30 percent. Outstanding development opportunities exist in traditional locations, as well as in urban markets and with mixed-use developments.”
MARRIOTT INTERNATIONAL, INC. (NYSE:MAR) is a leading lodging company with more than 2,600 lodging properties in the United States and 65 other countries and territories.
|Also See:||Jack DeBoer Is At it Again; Unveils Prototype for His Fourth Hotel Chain / March 2002|
|Original Residence Inn Now a Cambridge Suites by Candlewood, Plan to Franchise as New Uscale Brand / Nov 1999|
|A.G. Holdings Building Marriott's Latest Design for Residence Inn in Wichita, a Chain Started in Wichita in 1975 / August 2004|